Butler citizen. [volume] (Butler, Pa.) 1877-1922, 1887-12-16
PRESIDENTS FREE TRADE
MESSAGE.


/ He Deals Only With the F'inan-
cal Questions, Recommend
ing the Reduction Of the
Treasury Surplus by Cutting
Down Tariff Taxation.
WASHINGTON, D. c., Dec 6.-The
annual message of the President OF
the United States was submitted to
Congress to-day. Following is the
full text of the document:
To the Congress of the United States.
You are confronted at the threshold
of your legislative duties with con-
dition Of the National finances which
imperatively demands immediate and
careful consideration.
The amount of money annually ex-
acted, through the operation of pres
ent laws, from the industries and ne-
cessities of the people largely exceeds
the sum necessary to meet the expen-
ses Of the Government.
When we consider that the theory
of our institutions guarantees to every
citizen the full enjoyment OF all the
fruits of his industry and enterprise,
with only such deduction as may be
his sEale towards the careful and
economical maintenance of the Gov
ernment which protects him, it is
plain that the exaction of more than
this is indefensible extortion, and e
culpabIe betrayal of American fairness
and justice. This wrong Inflicted up
on those who bear the burden of Ma
tional taxation. like other wrongs,
multiplies brood of evil consequen-
ces. The public Treasury, which
should only exist as conduit convey
ing the peoples tribute to its legiti-
mate objects of expenditure, becomes
hoardiDg-place for money needless
ly Withdrawn from trade and the peo-
pies use. thus criopling our National
energies, suspending our country's
development, preventing investment
in productive enterprise, threatening
financial disturbance and inviting
schemes of public plunder.
This condition of our Treasury is
not altogether new; and it has more
than once of late been submitted to
the peoples representatives in the
Congress, who alone can apply rem
edy. And yet the situation still con-
tinues with aggravated incidents,
more than ever presaging financial
convulsion and widespread disaster.
1t will not do to neglect this situation
because its dangers are not pelpa.
bly, imminent and apparent. They
exist none the less certainly, and
await the unforeseen and unexpected
occasion when suddenly they will be
precipitated upon Us.
THE SURPLUS REVENUE.
On the 30th day of June, 1885. the
excess of revenues over public expen-
ditures, after complying with the an
nual requirement of the sinking fund
act. was l7,859,735.84; during the
year ended June 80, 1856, such ex.
cess amounted to $40, 4O5, ,545.2O. and
during the year ended June 80, 1887,
it reached the sum of $55, ,567 ,849 54
The annual contributions to the
sinking fund during the three years
aboye specified, amounting in the
to $l38,058, 800 "a, and
deducted from the surplus as stated,
were made by calling in for that pur-
pose outstanding 8 per cent. bonds of
the Government During the six
months prior to June 80. 1887, the
surplus revenue had grown so large
by repeated accumulations, and it
was feared the withdrawal of this
great sum of money needed by the
people wonld so affect the business of
the country, that the sum Of S79, 1884,
100 of such surplus was applied to
the pay yment of the principal and iu-
terest of the 3 per cent. bonds still
outstanding, and which were then
payable at the option of the Govern
ment, The precarious condition of
financial affairs among the people
still needing relief, Immediately after
the Both day of June, 1887, the re.
mainder of the per cent. bonds then
outstanding, amounting with princi-
pal and interest TO the sum of $lS,-
S77,5O0, were called in and applied to
the sinking-fuud contribution for the
current fiscal year. Notwithstand-
ing these operations of the Treasury
Department representations of dis
tress in business circles not only con-
tinued but increased, and absolute
peril seemed at hand. In these cir
cumstances the contribution to the
sinking fund for the current fiscal
year was at once completed by the
expenditure of S27, ,6S4 283 55 in the
purchase of Government bonds not
yet due bearing and 4 per cent. in.
terest, the premium paid thereon av-
eraging about "a per cent forthe for
mer and s per cent on the latter. In
addition to this the interest accruing
during the current year upon the out
standing bonded Indebtedness OF the
OOFCL uuCuI w no w cOuc CAlcuG dill
ticipated, and banks selected as de-
positories of public money were per-
mitted to somewhat increase their de-
posits.
While the expedients thus employ.
ed to release to the people the money
lying idle in the Treasury served to
avert immediate danger, our surplus
revenues have continued to accumu-
late, the excess for the present year
amounting on the first day of Decem-
Der to $55, ,25S, 7Ol l9 and estimated
to reach the sum of $l13, 100000 on
the 30th of June next, at which date
it is expected that this sum, added to
prior accumuletions, will swell the
surplus in the Treasury to $40, ,000,-
600. There appears to be no assur-
ance that, with such a withdrawal
from use of the peoples circulating
medium, our business community
may not in the near future be subject
ed to the same distress which was
quite lately produced from the same
cause. And while the functions of
our National Treasury should be few
and simple, and while its best condi-
ton would be reached | believe. by
it's entire disconnection with private
business interests, yet, when by